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The United States tiptoed closer to energy independence last month when — for the first time in nearly two decades — it produced more crude oil than it imported, federal officials said Wednesday.
The nation has been moving toward this milestone, because two trends are converging. Domestic oil production is at a 24-year high while foreign oil imports are at a 17-year low. The result: production exceeded net imports for the first time since February 1995, although the nation still imports 35% of the petroleum it uses.
Production has been booming partly because of hydraulic fracturing or fracking, which extracts oil by blasting water mixed with sand and chemicals underground to break apart shale rock. Meanwhile, consumption has been falling as high gasoline prices have reduced how much people drive and more efficient cars and buildings have also lowered energy use.
http://www.usatoday.com/story/news/n...ports/3518245/
The nation has been moving toward this milestone, because two trends are converging. Domestic oil production is at a 24-year high while foreign oil imports are at a 17-year low. The result: production exceeded net imports for the first time since February 1995, although the nation still imports 35% of the petroleum it uses.
Production has been booming partly because of hydraulic fracturing or fracking, which extracts oil by blasting water mixed with sand and chemicals underground to break apart shale rock. Meanwhile, consumption has been falling as high gasoline prices have reduced how much people drive and more efficient cars and buildings have also lowered energy use.
http://www.usatoday.com/story/news/n...ports/3518245/
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